# Table 13c: Japanification vs QE — Horse Race

| Variable | 10y (Full, Japan int) | 10y (OECD, Japan int) | 10y (Full, both) | 10y (OECD, both) |
|---|---|---|---|---|
| Z_1 | 41.619** (18.053) | 41.619** (18.053) | 55.534*** (17.546) | 55.534*** (17.546) |
| Z_2 | -4.412* (2.379) | -4.412* (2.379) | -6.487*** (2.324) | -6.487*** (2.324) |
| Z_3 | 0.128 (0.088) | 0.128 (0.088) | 0.213** (0.087) | 0.213** (0.087) |
| qe_active |  |  | -1.198** (0.483) | -1.198** (0.483) |
| Z_1_x_qe |  |  | -14.916 (30.035) | -14.916 (30.035) |
| Z_2_x_qe |  |  | 2.367 (3.832) | 2.367 (3.832) |
| Z_3_x_qe |  |  | -0.097 (0.137) | -0.097 (0.137) |
| low_growth | -0.140 (0.105) | -0.140 (0.105) | -0.169 (0.103) | -0.169 (0.103) |
| high_debt | -0.393 (0.312) | -0.393 (0.312) | -0.403 (0.304) | -0.403 (0.304) |
| Z_1_x_low_growth | 0.089 (0.127) | 0.089 (0.127) | 0.016 (0.126) | 0.016 (0.126) |
| Z_1_x_high_debt | -0.024 (0.494) | -0.024 (0.494) | 0.007 (0.481) | 0.007 (0.481) |
| rgdp_growth | -0.043*** (0.015) | -0.043*** (0.015) | -0.037** (0.015) | -0.037** (0.015) |
| inflation | -0.774*** (0.023) | -0.774*** (0.023) | -0.748*** (0.023) | -0.748*** (0.023) |
| fiscal_bal_gdp | 0.034* (0.019) | 0.034* (0.019) | 0.025 (0.018) | 0.025 (0.018) |
| kaopen | -1.065*** (0.193) | -1.065*** (0.193) | -1.113*** (0.188) | -1.113*** (0.188) |
| nfa_gdp_lag | -0.279 (0.316) | -0.279 (0.316) | -0.370 (0.303) | -0.370 (0.303) |
|---|---|---|---|---|
| R² | 0.121 | 0.121 | 0.266 | 0.266 |
| N obs | 803 | 803 | 803 | 803 |
| N countries | 23 | 23 | 23 | 23 |
| QE interactions | No | No | Yes | Yes |
| Japanification interactions | Yes | Yes | Yes | Yes |